Five critical factors — including spiraling debt and political paralysis — are leading America into a period of unprecedented and dire economic, social, and political upheaval, according to veteran financial commentator, Peter Grandich.
Often referred to as the Wall Street Whiz Kid, Grandich has four decades of financial experience including having held positions as a Registered Investment Advisor, Portfolio Manager, Hedge Fund Manager, editor of several financial publications, and a keynote speaker at major investment conferences worldwide.
“Today I’m issuing the most urgent forecast of my professional career,” said Grandich. “It is no longer a question of if, but when. Within 3 to 5 years at the most, I predict America will be struggling through its worst-ever economic, social, and political era. It will make the Great Depression look like a walk in the park.”
Grandich says five key factors are playing a critical role in the coming downfall, and many Americans will suffer as a result.
- Household and national debt is spiraling: As of November 2023, 62 percent of U.S. consumers are living paycheck-to-paycheck. Household credit card debt is at a record high of $1.08 trillion. Many Americans do not have a sufficient emergency fund, and 22 percent have none. National debt is so large, it’s accruing interest at unsustainable rates. What took 37 years to accrue 9+ trillion in debt, Uncle Sam managed to do it again in just 10 quarters.
- Americans are not on track for retirement: Nearly half (47 percent) of Americans are at risk of being unprepared for retirement, and 28 percent have no retirement savings at all. The Social Security program is projected to deplete its reserves in 2034, reducing retiree benefits to 77 percent of their original amount. While the cost of retirement is persistently increasing, our savings are not keeping up and none of our decision makers at the local, state, or national level appear to be genuinely concerned.
- Illegal immigration is worsening our economic crisis: Millions of illegal immigrants who arrived here with little more than their shirts on their backs and are allowed to work in low-paying jobs, will eventually qualify for many different government benefits like Medicaid. This life here is like going to Heaven for many compared to where they left, so it’s only natural that they will encourage friends and family members to come too. As a result, we will see our annual national deficit balloon even more. Allowing illegals to flood our cities and states will cripple those jurisdictions because, unlike the federal government, they are required to balance their budgets yearly. The shocking results of these unexpected and large expenses of providing for illegal migrants have forced deep budget cuts that affect all Americans. Veterans, education for children, and social programs addressing crime and safety all have suffered and it will only get worse.
- The rise of the BRICS nations is very real and concerning. The writing is on the wall as we move from a unipolar to a multipolar world. The dominance of the US dollar is waning and as the BRICS alliance expands, US hegemony declines. Our once great beacon for the world is now being replaced by a collection of countries rich in resources and manpower and unhindered by woke, neo-collectivism ideology. America will be outside looking in in key parts of the world.
- Our political and economic leaders are paralyzed: We are seeing the results of decades of bad decision making, living beyond our means, and moral and social decay. The near complete disregard of what the Founding Fathers established — which worked well for our nation for hundreds of years — is now coming home to roost. Not only are both major political parties unable and unwilling to work together, but now each party has increasing factions that differ greatly from other members.
Grandich says much of Washington, the financial services industry, and the ‘Don’t Worry, Be Happy’ crowd on Wall Street either have no real ability to see these trends or do not realize that ignoring them is detrimental to their livelihoods. Our leaders are failing us, and he says people must now take quick, individual action before it is too late.
Grandich advises Americans to now prioritize the preservation of capital verses capital appreciation opportunities. As he has suggested to his clients for decades “Debt is the dirtiest of four-letter words and remember that less is more. It’s better to be a live chicken than a dead duck,” he added.
Additional Information:
- Retirement and Aging Crisis Is Here, And Wall Street Fails Miserably In Sharing The Truth About It
- Immigration Invasion, BRICS, Political Paralysis
- 5 Factors Leading To Economic Crisis In America
About Peter Grandich & Company
Peter Grandich has been a member of the National Association of Christian Financial Consultants, The New York Society of Security Analysts, The Society of Quantitative Analysts and The Markets Technician Association. He served on the Boards of Athletes in Action, the Fellowship of Christian Athletes, Good News International Ministries and Catholic Athletes For Christ. Through Athletes in Action, Grandich assisted with Bible study and chapel services for the New York Giants and New York Yankees from 2002 to 2016.
His autobiography, Confessions of a Wall Street Whiz Kid, was first published in the fall of 2011 and the fifth edition was issued in July 2022. The book is available for sale on Amazon.com or for free download at PeterGrandich.com.
Grandich also provides business, retirement, and estate planning services to individuals and business owners via Peter Grandich and Company. Follow him on X (Formerly Twitter) or subscribe to his YouTube channel for more information.
